Summary
- The United States District Court for the Southern District of New York dismissed the settlement request between XRP and the SEC, citing procedural impropriety.
- The SEC's request to reduce the fine and lift the sales ban was dismissed, indicating that the legal dispute is likely to continue.
- In July 2023, the court ruled that sales of XRP to institutional investors violate securities laws.
James K. Filan, a lawyer and former federal prosecutor, reported on the 15th (local time) via X (formerly Twitter) that the United States District Court for the Southern District of New York has dismissed the settlement request between XRP (Ripple) and the U.S. Securities and Exchange Commission (SEC).
The SEC requested to reduce the fine imposed on XRP from $125 million to $50 million and to lift the sales ban, but Judge Analisa Torres deemed the request procedurally improper.
Previously, in July 2023, the court issued a summary judgment stating that sales of XRP to general investors do not constitute securities, but sales to institutional investors violate securities laws.
XRP and the SEC submitted a settlement agreement to the court on the 9th, but with this dismissal, the legal dispute is expected to continue.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
